Shoestring budget getting in the way of your love for travel? Luckily for you, there are plenty of options to see the world without breaking the bank, so you don’t have to keep postponing your dream vacation!
Whether it’s a short getaway or a long vacation, financing (also referred to as “book now, pay later”) your flight tickets is a great way to travel when you need to, instead of delaying due to budgetary limitations. If we’ve piqued your interest, read on to find out everything you need to know about book now, pay later options for booking your next flights!
Book Now, Pay Later FAQs:
What Are Book Now Pay Later Flights?
You may have heard of these options referred to as “flexible financing”, “payment plans” and of course, our favorite “book now, pay later”, but you’re probably wondering where to start if choosing a payment plan to pay for your flights is one such an option. As the name suggests, this option allows you to book your flights, without having to pay for them upfront (at least not fully). Instead, you can choose to pay in installments, over a set period of time.
Why Should I Consider a Book Now, Pay Later Option?
Did you sign up for fare alerts, only to find that the prices went up instead of down? Or worse—you missed the low-cost window? Is there somewhere you need to be ASAP, but despite the urgency, you opt for a longer flight with layovers and stops because it’s all you can afford at the moment? Cue in payment plan options such as “book now, pay later”.
Sometimes financial constraints can really put a damper or delay on your travel plans—something especially difficult to deal with if you have to give up on a dream trip, or you find yourself caught in an emergency where you have to fly immediately. Whether it’s for a dream trip or out of necessity—book now, pay later options offer you a chance to buy the plane tickets you need and get where you need to go, right when you need to get there.
How Do the Payments Work?
Once you’ve completed your financing request at check out, the company* will run a credit check to determine your eligibility. Once approved, you’ll receive an interest rate based on your eligibility as well as several payment plan options. While the most common options are bi-weekly or monthly payments, paid over a 3-month, 6-month, or 12-month period, these options might vary depending on the cost of your flight and your credit score. After you’ve paid the initial deposit at the time of your purchase (usually between 0%-20% of the ticket price), your payments will be incremental installments (equal or varied, depending on what you choose) of the remainder of your purchase. Remember, these payments will also include any interest costs that will start to accrue as soon as your payment plan starts.
*Note: the company responsible for deciding your interest rate is a third-party loan provider, not the Online Travel Agency or airline carrier you are booking and purchasing your flight from.
Can I Use a Credit Card for Book Now Pay, Later Offer?
Although not advised, you can use your credit card to complete your purchase. Why is it not advisable? Well, if you have separate credit card interest rates, you’d be doubling up the added costs to your already expensive ticket. Not to mention, payment plans may not qualify for rewards/cashback points that many credit card companies offer. Other payment methods include debit cards, bank transfer, and cheque.
